Medpace Holdings, Inc. Reports Fourth Quarter and Full Year 2019 Results

February 24, 2020 Off By BusinessWire
  • Revenue of $229.9 million in the fourth quarter of 2019 increased 19.7% from revenue of $192.1 million for the comparable prior-year period, representing a backlog conversion rate of 18.7%; Full year 2019 revenue of $861.0 million increased 22.2% from full year 2018.
  • Net new business awards were $281.1 million in the fourth quarter of 2019, representing an increase of 21.6% from net new business awards of $231.2 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.22x; Full year 2019 net new business awards of $1,094.4 million increased 21.7% from the prior year.
  • Fourth quarter of 2019 GAAP net income was $29.8 million, or $0.78 per diluted share, versus GAAP net income of $22.8 million, or $0.61 per diluted share, for the comparable prior-year period. GAAP net income for the full year 2019 was $100.4 million, or $2.67 per diluted share, versus GAAP net income of $73.2 million, or $1.97 per diluted share, for the full year 2018. Net income margin was 13.0% for the fourth quarter of 2019 and 11.7% for the full year 2019.
  • EBITDA was $41.1 million for the fourth quarter of 2019, an increase of 1.2% from EBITDA of $40.7 million for the comparable prior-year period, resulting in an EBITDA margin of 17.9%. EBITDA of $149.6 million for the full year 2019 increased 6.2% from the prior year, resulting in an EBITDA margin of 17.4%.
  • Adjusted Net Income was $32.2 million, or $0.85 per diluted share, for the fourth quarter of 2019, an increase of 14.5% from the comparable prior-year period. Adjusted Net Income was $113.3 million for the full year 2019, or $3.02 per diluted share, an increase of 18.7% from the prior year.

CINCINNATI–(BUSINESS WIRE)–Medpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the fourth quarter and full year ended December 31, 2019.

Fourth Quarter and Full Year 2019 Financial Results

Revenue for the three months ended December 31, 2019 increased 19.7% to $229.9 million, compared to $192.1 million for the comparable prior-year period. Revenue for the year ended December 31, 2019 increased 22.2% to $861.0 million, compared to $704.6 million for the year ended December 31, 2018. On a constant currency organic basis, revenue for the fourth quarter of 2019 increased 19.5% compared to the fourth quarter of 2018 and increased 22.4% for the year ended December 31, 2019 compared to the year ended December 31, 2018.

Backlog as of December 31, 2019 grew 21.3% to $1.3 billion from $1.1 billion as of December 31, 2018. Net new business awards were $281.1 million, representing a net book-to-bill ratio of 1.22x for the fourth quarter of 2019, as compared to $231.2 million for the comparable prior-year period. For the year ended December 31, 2019, net new business awards were $1,094.4 million, representing a net book-to-bill ratio of 1.27x, compared to $899.4 million for the year ended December 31, 2018. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue.

For the fourth quarter of 2019, total direct costs were $167.2 million, compared to total direct costs of $131.1 million in the fourth quarter of 2018. For the full year 2019, total direct costs were $615.3 million, compared to $489.1 million in the full year 2018. Selling, general and administrative (SG&A) expenses were $21.3 million in the fourth quarter of 2019, compared to SG&A expenses of $20.6 million in the fourth quarter of 2018. For the full year 2019, SG&A expenses were $95.2 million, compared to $75.7 million for the full year 2018.

GAAP net income for the fourth quarter of 2019 was $29.8 million, or $0.78 per diluted share, versus GAAP net income of $22.8 million, or $0.61 per diluted share, for the fourth quarter of 2018. This resulted in a net income margin of 13.0% and 11.8% for the fourth quarter of 2019 and 2018, respectively. GAAP net income for the full year 2019 was $100.4 million, or $2.67 per diluted share, versus GAAP net income of $73.2 million, or $1.97 per diluted share, for the full year 2018. This resulted in a net income margin of 11.7% and 10.4% for the full year 2019 and 2018, respectively.

EBITDA for the fourth quarter of 2019 increased 1.2% to $41.1 million, or 17.9% of revenue, compared to $40.7 million, or 21.2% of revenue, for the comparable prior-year period. EBITDA for the full year 2019 increased 6.2% to $149.6 million, or 17.4% of revenue, compared to $140.9 million, or 20.0% of revenue, for the prior year. On a constant currency basis, EBITDA for the fourth quarter of 2019 increased 0.5% from the fourth quarter of 2018 and increased 4.3% for the full year 2019 compared to the full year 2018.

Adjusted Net Income for the fourth quarter of 2019 increased 14.5% to $32.2 million, compared to $28.1 million for the comparable prior-year period. Adjusted Net Income per diluted share for the fourth quarter of 2019 was $0.85, representing an increase of 11.8%, compared to Adjusted Net Income per diluted share of $0.76 for the comparable prior-year period. Adjusted Net Income for the full year 2019 increased 18.7% to $113.3 million, compared to $95.5 million for the prior year. Adjusted Net Income per diluted share for the full year 2019 was $3.02, representing an increase of 16.6%, compared to Adjusted Net Income per diluted share of $2.59 for the prior year.

A reconciliation of the Company’s non-GAAP financial measures, including EBITDA, EBITDA margin, Adjusted Net Income, and Adjusted Net Income per diluted share to the corresponding GAAP measures is provided below.

Share Repurchase Authorization

The Company’s Board of Directors has authorized a share repurchase program of up to $100 million of the Company’s common stock. The extent and timing of repurchases depends on market conditions, applicable regulatory requirements, and other considerations. The share repurchase program does not obligate the Company to acquire any minimum amount of common stock and the program may be modified, limited, extended, suspended or terminated at any time at the Company’s discretion. The Company currently expects that the repurchases under the program will be made in compliance with the SEC’s Rule 10b-18.

Balance Sheet and Liquidity

The Company’s Cash and cash equivalents were $131.9 million at December 31, 2019, and the Company generated $56.9 million in cash flow from operating activities during the fourth quarter of 2019.

Financial Guidance

The Company forecasts 2020 revenue in the range of $975.0 million to $1,005.0 million, representing growth of 13.2% to 16.7% over 2019 revenue of $861.0 million. GAAP net income for full year 2020 is forecasted in the range of $123.4 million to $127.4 million. Additionally, full year 2020 EBITDA is expected in the range of $170.0 million to $178.0 million. Based on forecasted 2020 revenue of $975.0 million to $1,005.0 million and GAAP net income of $123.4 million to $127.4 million, diluted earnings per share (GAAP) is forecasted in the range of $3.24 to $3.34. This guidance assumes a full year 2020 tax rate of 19.0% to 21.0% and does not reflect the potential impact of any share repurchases the Company may make pursuant to the share repurchase program.

Conference Call Details

Medpace will host a conference call at 9:00 a.m. ET, Tuesday, February 25, 2020, to discuss its fourth quarter and full year 2019 results.

To participate in the conference call, dial 800-219-7113 (domestic) or 574-990-1030 (international) using the passcode 4168269.

To access the conference call via webcast, visit the “Investors” section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A supplemental slide presentation will also be available at the “Investors” section of Medpace’s website prior to the start of the call.

A recording of the call will be available at 12:00 p.m. ET on Tuesday, February 25, 2020 until 12:00 p.m. ET on Tuesday, March 10, 2020. To hear this recording, dial 855-859-2056 (domestic) or 404-537-3406 (international) using the passcode 4168269.

About Medpace

Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 3,500 people across 37 countries.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our anticipated financial results and effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “forecast,” “may,” “could,” “likely,” “anticipate,” “project,” “goal,” “objective,” similar expressions, and variations or negatives of these words.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate; fluctuation in our results between fiscal quarters and years; decreased operating margins due to increased pricing pressure or other pressures; failure to perform our services in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; our failure to successfully execute our growth strategies; the impact of a failure to retain key executives or other personnel or recruit experienced personnel; the risks associated with our information systems infrastructure, including potential security breaches and other disruptions which could compromise our information; our failure to manage our growth effectively; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; the risks associated with our intercompany pricing policies; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services; the risks related to our Phase I clinical services; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; the risks related to our relationships with existing or potential customers who are in competition with each other; our failure to successfully integrate potential future acquisitions; potential impairment of goodwill or other intangible assets; our limited ability to utilize our net operating loss carryforwards or other tax attributes; the risks associated with the use and disposal of hazardous substances and waste; the failure of third parties to provide us critical support services; our limited ability to protect our intellectual property rights; the risks associated with potential future investments in our customers’ business or drugs; general economic conditions in the markets in which we operate, including financial market conditions; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of recent consolidation in the biopharmaceutical industry; failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of or withdraw an approved drug, biologic or medical device from the market; failure to keep pace with rapid technological changes; the impact of industry-wide reputational harm to CROs; the effect of the U.K.’s withdrawal from the EU, which could have implications on our research, commercial and general business operations in the U.K. and the EU; changes in U.S. generally accepted accounting principles, including the impact of the changes to the revenue recognition standards; risks related to internal control over financial reporting; our ability to fulfill our debt obligations; the risks associated with incurring additional debt or undertaking additional debt obligations; the effect of covenant restrictions under our debt agreements on our ability to operate our business; our inability to generate sufficient cash to service all of our indebtedness; fluctuations in interest rates; and our dependence on our lenders, which may not be able to fund borrowings under the credit commitments, and our inability to borrow.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 26, 2019, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

Certain financial measures presented in this press release, such as EBITDA, EBITDA margin, Adjusted Net Income, and Adjusted Net Income per diluted share, are not recognized under generally accepted accounting principles in the United States of America, or U.S. GAAP. Management uses EBITDA, EBITDA margin, Adjusted Net Income, and Adjusted Net Income per diluted share or comparable metrics as a measurement used in evaluating our operating performance on a consistent basis, as a consideration to assess incentive compensation for our employees, for planning purposes, including the preparation of our internal annual operating budget, and to evaluate the performance and effectiveness of our operational strategies.

EBITDA, EBITDA margin, Adjusted Net Income, and Adjusted Net Income per diluted share have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under U.S. GAAP. See the consolidated financial statements included elsewhere in this release for our U.S. GAAP results. Additionally, for reconciliations of EBITDA, EBITDA margin, Adjusted Net Income, Adjusted Net Income per diluted share to our closest reported U.S. GAAP measures, refer to the appendix of this press release.

EBITDA and EBITDA margin

We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. EBITDA is calculated as net income attributable to Medpace Holdings, Inc. before income tax expense, interest expense, net, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by Revenue, net for each period. Our presentation of EBITDA and EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Adjusted Net Income and Adjusted Net Income per diluted share

Adjusted Net Income measures our operating performance by adjusting net income attributable to Medpace Holdings, Inc. to include cash expenditures related to rental payments on leases classified for accounting purposes as deemed landlord liabilities, and exclude amortization expense, certain stock based compensation award non-cash expenses, certain litigation expenses, deferred financing fees and certain other non-recurring items. Adjusted Net Income per diluted share measures Adjusted Net Income on a per diluted share basis. Management uses these measures to evaluate our core operating results as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the core operations of the business, but includes certain items such as depreciation, interest expense and tax expense, which are otherwise excluded from EBITDA. We believe the presentation of Adjusted Net Income and Adjusted Net Income per diluted share enhances our investors’ overall understanding of the financial performance. You should not consider Adjusted Net Income or Adjusted Net Income per diluted share as an alternative to Net income or Net income per diluted share attributable to Medpace Holdings Inc., determined in accordance with U.S. GAAP, as an indicator of operating performance.

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

(Amounts in thousands, except per share amounts)

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue, net

 

$

229,886

 

 

$

192,115

 

 

$

860,969

 

 

$

704,589

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct service costs, excluding depreciation and amortization

 

 

85,484

 

 

 

67,945

 

 

 

321,006

 

 

 

252,284

 

Reimbursed out-of-pocket expenses

 

 

81,703

 

 

 

63,188

 

 

 

294,266

 

 

 

236,775

 

Total direct costs

 

 

167,187

 

 

 

131,133

 

 

 

615,272

 

 

 

489,059

 

Selling, general and administrative

 

 

21,261

 

 

 

20,569

 

 

 

95,245

 

 

 

75,681

 

Depreciation

 

 

2,325

 

 

 

2,357

 

 

 

8,360

 

 

 

9,240

 

Amortization

 

 

2,995

 

 

 

7,390

 

 

 

14,829

 

 

 

29,561

 

Total operating expenses

 

 

193,768

 

 

 

161,449

 

 

 

733,706

 

 

 

603,541

 

Income from operations

 

 

36,118

 

 

 

30,666

 

 

 

127,263

 

 

 

101,048

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous (expense) income, net

 

 

(289

)

 

 

253

 

 

 

(863

)

 

 

1,060

 

Interest income (expense), net

 

 

388

 

 

 

(1,599

)

 

 

(1,568

)

 

 

(8,157

)

Total other income (expense), net

 

 

99

 

 

 

(1,346

)

 

 

(2,431

)

 

 

(7,097

)

Income before income taxes

 

 

36,217

 

 

 

29,320

 

 

 

124,832

 

 

 

93,951

 

Income tax provision

 

 

6,404

 

 

 

6,559

 

 

 

24,389

 

 

 

20,766

 

Net income

 

$

29,813

 

 

$

22,761

 

 

$

100,443

 

 

$

73,185

 

Net income per share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.82

 

 

$

0.64

 

 

$

2.79

 

 

$

2.05

 

Diluted

 

$

0.78

 

 

$

0.61

 

 

$

2.67

 

 

$

1.97

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,042

 

 

 

35,612

 

 

 

35,881

 

 

 

35,547

 

Diluted

 

 

37,928

 

 

 

37,198

 

 

 

37,576

 

 

 

36,912

 

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

(Amounts in thousands, except share amounts)

 

As Of

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,920

 

 

$

23,275

 

Restricted cash

 

 

 

 

 

7

 

Accounts receivable and unbilled, net

 

 

155,662

 

 

 

133,449

 

Prepaid expenses and other current assets

 

 

29,446

 

 

 

21,383

 

Total current assets

 

 

317,028

 

 

 

178,114

 

Property and equipment, net

 

 

47,292

 

 

 

52,255

 

Operating lease right-of-use assets

 

 

52,152

 

 

 

 

Goodwill

 

 

662,396

 

 

 

660,981

 

Intangible assets, net

 

 

54,350

 

 

 

69,179

 

Deferred income taxes

 

 

376

 

 

 

713

 

Other assets

 

 

9,477

 

 

 

6,691

 

Total assets

 

$

1,143,071

 

 

$

967,933

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

22,404

 

 

$

16,737

 

Accrued expenses

 

 

109,252

 

 

 

87,493

 

Advanced billings

 

 

192,359

 

 

 

147,935

 

Other current liabilities

 

 

18,987

 

 

 

4,861

 

Total current liabilities

 

 

343,002

 

 

 

257,026

 

Long-term debt, net, less current portion

 

 

 

 

 

79,721

 

Operating lease liabilities

 

 

45,212

 

 

 

 

Deemed landlord liability, less current portion

 

 

 

 

 

24,484

 

Deferred income tax liability

 

 

12,849

 

 

 

439

 

Other long-term liabilities

 

 

15,725

 

 

 

16,560

 

Total liabilities

 

 

416,788

 

 

 

378,230

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock – $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2019 and 2018, respectively

 

 

 

 

 

 

Common stock – $0.01 par-value; 250,000,000 shares authorized at December 31, 2019 and 2018, respectively; 36,065,278 and 35,665,910 shares issued and outstanding at December 31, 2019 and 2018, respectively

 

 

360

 

 

 

356

 

Treasury stock – 200,000 shares at December 31, 2019 and 2018, respectively

 

 

(6,030

)

 

 

(6,030

)

Additional paid-in capital

 

 

666,585

 

 

 

639,381

 

Retained earnings (accumulated deficit)

 

 

68,109

 

 

 

(41,487

)

Accumulated other comprehensive loss

 

 

(2,741

)

 

 

(2,517

)

Total shareholders’ equity

 

 

726,283

 

 

 

589,703

 

Total liabilities and shareholders’ equity

 

$

1,143,071

 

 

$

967,933

 

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

Twelve Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

100,443

 

 

$

73,185

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

8,360

 

 

 

9,240

 

Amortization

 

 

14,829

 

 

 

29,561

 

Stock-based compensation expense

 

 

20,741

 

 

 

6,499

 

Amortization of debt issuance costs and discount

 

 

954

 

 

 

615

 

Noncash lease expense

 

 

9,949

 

 

 

 

Deferred income tax provision

 

 

10,050

 

 

 

3,942

 

Amortization and adjustment of deferred credit

 

 

(801

)

 

 

(7,712

)

Other

 

 

1,754

 

 

 

1,653

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable and unbilled, net

 

 

(21,256

)

 

 

(27,047

)

Prepaid expenses and other current assets

 

 

(7,381

)

 

 

(1,241

)

Accounts payable

 

 

4,730

 

 

 

1,342

 

Accrued expenses

 

 

21,824

 

 

 

29,029

 

Advanced billings

 

 

44,584

 

 

 

35,593

 

Lease liabilities

 

 

(9,034

)

 

 

 

Other assets and liabilities, net

 

 

2,121

 

 

 

1,925

 

Net cash provided by operating activities

 

 

201,867

 

 

 

156,584

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Property and equipment expenditures

 

 

(17,912

)

 

 

(16,024

)

Other

 

 

(1,232

)

 

 

(949

)

Net cash used in investing activities

 

 

(19,144

)

 

 

(16,973

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from stock option exercises

 

 

6,520

 

 

 

2,489

 

Payment of debt

 

 

(80,438

)

 

 

(72,188

)

Payments on revolving loan

 

 

 

 

 

(70,000

)

Payment of deemed landlord liability

 

 

 

 

 

(1,881

)

Net cash used in financing activities

 

 

(73,918

)

 

 

(141,580

)

EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

 

(167

)

 

 

(1,241

)

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

 

108,638

 

 

 

(3,210

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period

 

 

23,282

 

 

 

26,492

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period

 

$

131,920

 

 

$

23,282

 

Contacts

Media Contact:

Julie Hopkins

Medpace Holdings, Inc.

513.579.9911 x12627

[email protected]

Investor Contact:

[email protected]

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